Bitcoin Bull Tackles Short Positions Worth Millions of Dollars

Bitcoin Sets Record Breaking Price Of US$ 23,777 But Critics Suggest Its Temporary Only While Some Suggest A Bitcoin For $100K Is “Preposterously Low”

Every financial market has players on both sides of the spectrum. There are the ones who are betting for appreciation and the others who are optimistic about a fall. The Bitcoin market rattle is just the same. Since the flagship cryptocurrency was stuck inside a range of $47 K to $54 K for the last few weeks, several short positions started to appear on the market. However, as the BTC has breached another ATH with its $60 K evaluation, short positions worth $333 Million have gone down the drain. 

The biggest fall has been sustained by Binance, Huobi, Bitmax, Bybit, and Okex. The $407 million worth of liquidations made in various cryptocurrencies over the past few hours have been a gut punch for the bears. The $333 million short positions make up for 82% of this knock-out market jab. BTC continues to rise from 5% to 6% within the last 24 hours. In the meantime, all major coins keep trading with a green ticker. The good news for the BTC bulls is that its market share is approaching 62%. 

NFL A-Lister- Russell Okung Asks for 50% of his Salary in Bitcoin

The news of Bitcoin ATH rallying is reaching far and wide. It is the hot topic of the day, and everyone is ready to dip their fingers in the Bitcoin profit pool. In the same vein, NFL A-lister Russell Okung has asked for a 50% share of his remuneration to be transferred in Bitcoin. While some financial analysts like Henry Kim- associate professor at York University’s Schulich School of Business, may call this move a mere “ idiosyncrasy.” Others are optimistic that asking for a 50% share shows initiative and gumption. 

The Mayor of Miami, Francis Suarez, seems to agree with this idea. He was seen quoting the move of the NFL’s highest salaried player while addressing his staff. Suarez’s attention to the incident is derived from the movement of city employee’s petition to get paid in cryptocurrency. Mayor Suarez briefed the Chamber of digital commerce that fear of devaluation of the dollar due to continuous surges of Bitcoin is found among the people. 

Is BTC the future of Employee Compensation?

The opinion for organizations to start compensating their employees in cryptocurrencies remains divided among different analysts. For some, it is a question of managing the difference between fiat money taxes and crypto compensation. Richard Ainsworth-instructor at Boston University, is of the view that getting paid in crypto would not be a problem, provided that the difference between fiat money and cryptocurrencies is minimal and holding crypto-assets can pose a Tax raft at the eventual cash-in point. 

On the other hand, some analysts are worried about factors like volatility and scalability for the cryptocurrency. Danny Scott- CEO of UK-based crypto exchange platform “CoinCorner” says that nobody should be taking 100% of their salary in BTC, and if the employers are ready to provide their workers with a crypto wallet, it would eliminate the on-chain transaction restriction and fixing scalability concerns.